The latest proposal to cut pension costs for the city of Los Angeles was met with cries of “pension envy” from the union for civilian workers.
If approved, sworn personnel with 20 years of service would be entitled to a pension equivalent to 40 percent — instead of 50 percent — of their average salary.
An independent think tank says California’s pension fund is awash in red ink, and the burden for every worker in the state could rise to $10,000 a year by 2014.
Mayor Antonio Villaraigosa and Controller Wendy Greuel say new changes to the city’s pension plan for police and firefighters could bring in up to $200 million in savings — but there’s a catch.
A study says California spent the most money in the nation to educate college students who dropped out after their first year.